The head of South Korean energy-to-retail giant GS Group urged CEOs of affiliates to seek ways to make inroad into the Southeast Asian market by taking Thailand as a strategic base, the company said Thursday.
At a meeting with GS CEOs held in Bangkok, Chairman Huh Chang-soo stressed the importance of the market, citing the fast economic growth and increasing demand to build infrastructure.
GS Group Chairman Huh Chang-soo (right) tries a product exported by South Korean company 9tails at a studio for True GS, jointly set up by GS Homeshopping, TrueVisions, CP All and Mall Group of Thailand. (GS)
“Thailand’s economy is expected to grow 4 percent (this year) driven by (the government’s) strong economic development,” Huh said. “It is highly valued as an important strategic base for GS and its plan of expanding its presence in ASEAN market. We should also consider making strategic investment by establishing a bridgehead in Thailand for (our expansion to) ASEAN market.”
Pointing out GS Homeshopping’s entry to Thai market, Huh asked CEOs to create an ecosystem where conglomerates can go together with small and medium-sized enterprises and startups by offering them access to the group’s global networks. “We should play a bridging role that help SMEs enter new markets with quality products and startups going global,” he said.
A list of GS CEOs attended the meeting including Huh Jin-soo, chairman of GS Caltex, Huh Myeong-su, vice chairman of GS Engineering and Construction, and Huh Tae-soo, vice chairman of GS Homeshopping.
They reviewed global operations by GS affiliates and discussed ways of expanding their presence into the Association of Southeast Asian Nations, according to officials.
GS will have greater opportunities in participating in a list of energy and plant building projects in Thailand, where a group of global enterprises have been making inroads for its economic potential and competitiveness, they added.
GS established the joint venture True GS with local companies in Thailand for home shopping operations. True GS broadcasts 24 hours a day across the country, selling products via e-commerce platform and telesales.
By Cho Chung-un (email@example.com